MIRA INFORM REPORT

Report Date :

20.04.2012

IDENTIFICATION DETAILS

Name :	S S PULSES MANUFACTURING PRIVATE LIMITED
Registered Office :	3978, 1^st Floor, Naya Bazar, Delhi – 110006
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	11.10.2004
Com. Reg. No.:	55-129792
Capital Investment / Paid-up Capital :	Rs.5.550 Millions
CIN No.: [Company Identification No.]	U15313DL2004PTC129792
TIN No.:`	07620389586
PAN No.: [Permanent Account No.]	AAJCS0783J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Supplier of Pulses (Kidney Beans, Kabuli Chana, Arthar Pulses, Mong Pulses, Urad Pulses and all related items)
No. of Employees :	15 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 91000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Sachin Kumar Raj
Designation :	Sales Executive
Contact No.:	91-9311999537
Date :	06.04.2012

LOCATIONS

Registered Office / Branch Office :	3978, 1^st Floor, Naya Bazar, Delhi – 110006, India
Tel. No.:	91-11-23931214
Mobile No.:	91-9311999537 (Mr. Sachin Kumar Raj)
Fax No.:	Not Available
E-Mail :	sales@sspulses.com info@sspulses.com
Website :	www.sspulses.com
Factory :	87 / 1, Badi Dal Mill, Opposite Masjid, Near HDFC Bank, Village Barwala, Bawana Road, Delhi – 110039, India
Tel. No.:	91-11-23962806 / 23931214
Mobile No.:	91-9810125231 (Sanjay)

DIRECTORS

As on 23.09.2011

Name :

Mr. Sanjay Gupta

Designation :

Director

Address :

F-3/14, Model Town –II, Delhi – 110009, India

Date of Birth/Age :

01.06.1966

Date of Appointment :

11.10.2004

DIN No.:

00318113

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U15313DL2001PTC111470	NORTH INDIAN FOODS PRIVATE LIMITED	Director	28/06/2001	28/06/2001	6/4/2010	Active	NO
2	U15313DL2004PTC129792	S S PULSES MANUFACTURING PRIVATE LIMITED	Director	11/10/2004	11/10/2004	-	Active	NO
3	U45201DL2006PTC146675	S.L. INFRATECH PRIVATE LIMITED	Director	1/6/2006	1/6/2006	2/12/2008	Active	NO
4	U15494DL2009PTC192751	S S DAAL UDYOG PRIVATE LIMITED	Director	31/07/2009	31/07/2009	-	Active	NO

Name :

Mrs. Manju Gupta

Designation :

Director

Address :

F-3/14, Model Town –II, Delhi – 110009, India

Date of Birth/Age :

21.10.1967

Date of Appointment :

11.10.2004

DIN No.:

00301971

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U15313DL2004PTC129792	S S PULSES MANUFACTURING PRIVATE LIMITED	Director	11/10/2004	11/10/2004	-	Active	NO
2	U15494DL2009PTC192751	S S DAAL UDYOG PRIVATE LIMITED	Director	31/07/2009	31/07/2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sachin Kumar Raj
Designation :	Sales Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.09.2011

Names of Shareholders	No. of Shares
Manju Gupta	432500
Sanjay Gupta	12500
Polo Leasing and Finance Private Limited, India	4000
Q – Tech Systems India Private Limited, India	4000
Fort Leathers Private Limited, India	4000
Sumedha Com Private Limited, India	4000
Well Wish Credits Private Limited, India	4000
Rubicon Associates Private Limited, India	4000
Ankush Ayurveds Private Limited, India	2000
Spring Medicare Private Limited, India	4000
Apoorva Leasing Finance and Investment Company Limited, India	40000
Aasheesh Capital Services Private Limited, India	40000
Total	555000

As on 18.01.2012

Names of Allottee	No. of Allotted
Manju Gupta	176000
Total	176000

As on 23.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Supplier of Pulses (Kidney Beans, Kabuli Chana, Arthar Pulses, Mong Pulses, Urad Pulses and all related items)
Terms :
Selling :	Cash / Credit (30 Days)
Purchasing :	Cash / Credit (30 Days)

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and others

No. of Employees :

15 (Approximately)

Bankers :

• HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India

• ING Vysya Bank Limited, 1893, Chandni Chowk,, Opposite. Daribakalan,, Delhi - 110006, Delhi, India

• Small Industries Development Bank of India, Videocon Tower, Ground Floor E-1, Rani Jhansi Road, Jhandewalan Extension, New Delhi - 110055, Delhi, INDIA

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	0.663	0.831
Rupee term loans financial institutions secured	1.835	0.453
Rupee term loans others secured	115.949	82.787
Total	118.447	84.071
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans others unsecured	67.060	37.314
Total	67.060	37.314

Banking Relations :	--
Auditors :
Name :	Spmg and Company Chartered Accountants
Address :	Trilok Bansal, 294, Rajdhani Enclave, Pitam Pura, Delhi – 110034, India
Tel. No.:	91-11-27186620 / 27101676
Mobile No.:	91-9312273921 / 9868545580
PAN.:	AASFS1953N

CAPITAL STRUCTURE

As on 23.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
731000	Equity Shares	Rs.10/- each	Rs.7.310 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
555000	Equity Shares	Rs.10/- each	Rs.5.550 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		5.550	5.550	4.750
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		17.408	14.261	9.129
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		22.958	19.811	13.879
LOAN FUNDS
1] Secured Loans		118.447	84.071	60.594
2] Unsecured Loans		67.060	37.314	26.351
TOTAL BORROWING		185.507	121.385	86.945
DEFERRED TAX LIABILITIES		1.758	1.002	0.706
TOTAL		210.223	142.198	101.530
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		51.436	22.713	17.151
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	162.475	104.483	63.429
	Sundry Debtors	32.992	32.115	24.258
	Cash & Bank Balances	4.642	5.171	2.082
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4.288	1.812	1.264
Total Current Assets		204.397	143.581	91.033
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	34.166	19.315	4.453
	Other Current Liabilities	11.329	4.119	2.157
	Provisions	0.115	0.662	0.044
Total Current Liabilities		45.610	24.096	6.654
Net Current Assets		158.787	119.485	84.379
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		210.223	142.198	101.530

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1246.110	1140.959	950.734
		Other Income	4.184	3.699	3.580
		TOTAL (A)	1250.294	1144.658	954.314
Less	EXPENSES
		Increase / (Decrease) In Stocks		(50.791)	7.255
		Raw Material & Manufacturing Expenses		1162.045	920.372
		Administrative Expenses		19.677	14.215
		TOTAL (B)	(1243.976 Including Financial Expenses)	1130931	941.842
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			13.727	12.472
Less	FINANCIAL EXPENSES (D)			10.041	9.641
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.318	3.686	2.831
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.525	0.797	0.726
	PROFIT BEFORE TAX (E-F) (G)		4.793	2.889	2.105
Less	TAX (H)		1.645	0.957	0.745
	PROFIT AFTER TAX (G-H) (I)		3.148	1.932	1.360
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5.660	3.728	2.368
	BALANCE CARRIED TO THE B/S		8.808	5.660	3.728
	Earnings Per Share (Rs.)		6.19	3.481	2.864

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.25	0.17	0.14
Net Profit Margin (PBT/Sales)	(%)	0.38	0.25	0.22
Return on Total Assets (PBT/Total Assets}	(%)	1.87	1.74	1.95
Return on Investment (ROI) (PBT/Networth)		0.21	0.15	0.15
Debt Equity Ratio (Total Liability/Networth)		10.07	7.34	6.74
Current Ratio (Current Asset/Current Liability)		4.48	5.96	13.68

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last two years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

Note:

The registered office of the company has been shifted from Delhi – 110009, Delhi, India to present address w.e.f. 01.12.2006

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U15313DL2004PTC129792
Name of the company	S S PULSES MANUFACTURING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	3978, 1^st Floor, Naya Bazar, Delhi – 110006, India sspulses@rediffmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10141018
Type of charge	Book debts Movable property (not being pledge) Floating charge Others (Hypothecation of stocks)
Particular of charge holder	ING Vysya Bank Limited, 1893, Chandni Chowk,, Opposite. Daribakalan,, Delhi - 110006, Delhi, India cms@companiesinn.com
Nature of instrument creating charge	Supplemental Facility Cum hypothecation Agreement.
Date of instrument Creating the charge	25.01.2012
Amount secured by the charge	Rs.185.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest ODSIT/BD : IVBR+2.25% WCDL (Sub limit to CC): IVBR+1.25% FLC (Sub limit to CC): Commission 1%p.a. TL (Existing): IVBR+2.75% BG (Fresh): Commission 1%p.a. Terms of Repayment ODSIT/BD: On Demand WCDL(Sub limit to CC): On Demand FLC(Sub limit to CC): On Demand TL(Existing): No Change BG(Fresh): On Demand Margin ODSIT/BD: 25% on stocks and 40% on book debts. WCDL (Sub limit to CC): 25% on stocks and 40% on book debts. FLC (Sub limit to CC): 10% cash margin in the form of FDR. TL(Existing): Nil BG (Fresh): 10% with due noting of lien. Extent and Operation of the charge First charge on stock and book debts of the company. Document of title to goods purchased/purchased under the LC till acceptance of the bill. Accepted bills of exchange till retirement of the bills and goods purchased/imported under the LC. First charge on assets purchased/created with the Term Loan.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All the stock and book debts of the company both present and future. Document of title to goods purchased/purchased under the LC till acceptance of the bill. Accepted bills of exchange till retirement of the bills and goods purchased/imported under the LC. Assets purchased/created with the Term Loan.
Particulars of the present modification	The total limit has been modified to Rs.185.000 Millions as follows : ODSIT/BD : Rs.150.000 Millions WCDL(Sub limit to ODSIT/BD): Rs.(100.000) Millions FLC(Sub limit to ODSIT/BD): Rs.(20.000) Millions TL (Existing): Rs.5.000 Millions BG (Fresh): Rs.30.000 Millions. The hypothecation on the assets of the company extended to the enhanced limit.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.89
UK Pound	1	Rs.83.18
Euro	1	Rs.68.06

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		28

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.